Posts Tagged ‘coin control qt wallet’

Taking advantage of the Coin Control feature is something considered a bit more advanced, especially if you don’t have built-in support in the specific crypto currency’s GUI Qt wallet and have to use the console. But Bitcoin and many of the more recent altcoins or ones with updated wallets do have built-in support making things easy to use the coin control feature right from the GUI. By default the feature is not enabled, so you will have to go to Settings / Options / Display and enable the coin control feature to be displayed. After that when you go to the Send coins panel of your coin wallet you will see a button to call the Coin Control feature, but what is this feature and why do you need to use it in the first place?

The coin control feature allows you to control how you spend the coins in your wallet when sending a transaction. You can choose what addresses will be the ones sending the coins and which of the coins you have received will be used. With this feature you can do things like combine multiple transactions and the coins from them that you have received in a single large sum of coins available to one of you wallet addresses. To do that you can just select which coins and the address you want them sent to and use on of your own wallet addresses, so you will actually be sending yourself the coins. Sending yourself coins would require you to pay a network transaction fee, but by consolidating multiple small amounts of coins into single ones you can actually reduce on further transaction costs.

The coin control feature however is more important for PoS (Proof of Stake) coins and altcoins that do have some other forms of awarding users with extra coins for holding some amount in their wallets. Consolidating the coins in your wallet will mean that they will available for stating altogether giving you bigger weight on the staking, so you should be able to save on time when staking coins. If a coin is rewarding you for keeping your coins in the wallet for some time, but there is a maximum time they need to stay in the wallet without moving you can use the coin control feature to see when you need to resend some of the coins back to your own wallet in order to keep getting rewards. So depending on the specific coin taking advantage of the coin control feature might help you maximize your PoS earnings, get more rewards or execute transactions with the coins you want from the address you want them to be sent. If you still haven’t used that feature you might want to give it a try and see how easy it is to use it especially if it is already available in your GUI qt wallet and you just need to enable it and not having to run console commands.

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